Inox India Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 21.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 38.9%
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.6%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 21.7% CAGR over last 5 years
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.53x)
- Total debt has risen sharply - up 110.0% year on year
- Valuation is stretched - P/E of 81.9 is well above its own 5-year median (41.3)
- Stock is trading at 9.6x its book value
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 432.00 | 61.84 | 150425.14 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 1005.45 | 93.18 | 49717.58 | 0.59 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3641.75 | 73.13 | 43393.75 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34123.10 | 54.75 | 30170.02 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1004.05 | 70.98 | 22834.42 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2295.95 | 81.91 | 20875.34 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2773.25 | 128.87 | 17910.13 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 561.25 | 53.05 | 17842.05 | 0.76 | 511.00 | 693.48 | 4427.00 | 1092.30 | 35.95 | 11.59 |
| TEGA | 1721.30 | 612.04 | 12931.73 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 80.63 | 55.91 | 12506.03 | 0.31 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KENNAMET | 4998.95 | 93.82 | 10986.81 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
| KRN | 1584.85 | 107.01 | 10374.19 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 308 | 258 | 291 | 277 | 296 | 307 | 334 | 369 | 340 | 358 | 429 | 461 | 371 | |
| 237 | 199 | 224 | 223 | 226 | 243 | 265 | 288 | 263 | 280 | 334 | 366 | 306 | |
| Operating Profit | 72 | 59 | 67 | 53 | 70 | 64 | 69 | 82 | 76 | 78 | 94 | 95 | 65 |
| OPM % | 23.19% | 22.83% | 22.94% | 19.25% | 23.68% | 20.84% | 20.66% | 22.11% | 22.42% | 21.76% | 21.95% | 20.55% | 17.47% |
| 8 | 7 | 5 | 11 | 5 | 13 | 16 | 13 | 13 | 13 | -1 | 18 | 11 | |
| Interest | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 3 | 4 | 2 |
| Depreciation | 4 | 4 | 5 | 5 | 6 | 6 | 6 | 7 | 8 | 8 | 9 | 9 | 10 |
| Profit before Tax | 76 | 60 | 64 | 58 | 68 | 69 | 76 | 86 | 81 | 81 | 80 | 100 | 76 |
| Tax % | 24.61% | 23.48% | 23.95% | 23.63% | 22.51% | 27.86% | 23.09% | 24.25% | 24.10% | 25.06% | 24.40% | 24.70% | 23.17% |
| Net Profit | 0 | 0 | 0 | 0 | 53 | 49 | 58 | 66 | 61 | 61 | 61 | 75 | 58 |
| 6.29 | 5.10 | 5.35 | 4.86 | 5.80 | 5.45 | 6.43 | 7.22 | 6.73 | 6.70 | 6.69 | 8.29 | 6.40 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 433 | 559 | 643 | 649 | 595 | 783 | 966 | 1,133 | 1,306 | 1,587 | 1,618 | |
| 422 | 523 | 500 | 516 | 466 | 615 | 762 | 883 | 1,021 | 1,246 | 1,287 | |
| Operating Profit | 11 | 36 | 144 | 133 | 129 | 168 | 204 | 250 | 285 | 341 | 331 |
| OPM % | 2.49% | 6.49% | 22.30% | 20.46% | 21.67% | 21.42% | 21.16% | 22.08% | 21.80% | 21.46% | 20.48% |
| 16 | 13 | 10 | 43 | 22 | 21 | 20 | 31 | 48 | 44 | 40 | |
| Interest | 41 | 28 | 27 | 25 | 7 | 2 | 4 | 6 | 9 | 9 | 10 |
| Depreciation | 23 | 9 | 9 | 12 | 12 | 12 | 14 | 18 | 25 | 34 | 36 |
| Profit before Tax | -38 | 11 | 117 | 138 | 133 | 174 | 207 | 258 | 299 | 342 | 337 |
| Tax % | 0.08% | 88.14% | -50.28% | 33.52% | 26.55% | 25.09% | 25.22% | 23.96% | 24.39% | 24.57% | 24.37% |
| Net Profit | -38 | 1 | 176 | 92 | 97 | 130 | 155 | 196 | 226 | 258 | 255 |
| EPS | -41.35 | 1.77 | 212.45 | 108.25 | 10.74 | 14.38 | 17.05 | 21.59 | 24.90 | 28.41 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.47% | 1.85% | 0.00% | 10.43% | 64.52% | 50.94% | 8.03% | 7.04% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 22%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 21%
- 3 Years:
- 19%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 92%
RETURN ON EQUITY
- 10 Years:
- 29%
- 5 Years:
- 30%
- 3 Years:
- 30%
- Last Year:
- 26%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 18 | 18 | 18 | 18 | 18 |
| 10 | 10 | 201 | 270 | 363 | 484 | 531 | 626 | 850 | 1,090 | |
| 548 | 263 | 286 | 154 | 66 | 53 | 15 | 21 | 40 | 78 | |
| Trade Payables | 55 | 27 | 24 | 16 | 17 | 40 | 62 | 124 | 138 | 156 |
| 201 | 458 | 155 | 177 | 231 | 301 | 522 | 434 | 607 | 670 | |
| Total Liabilities | 824 | 768 | 674 | 627 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,012 |
| 276 | 96 | 94 | 110 | 102 | 134 | 164 | 255 | 359 | 428 | |
| Capital Work in Progress | 0 | 1 | 0 | 0 | 2 | 2 | 0 | 5 | 4 | 4 |
| 127 | 84 | 81 | 80 | 25 | 312 | 249 | 247 | 267 | 297 | |
| 291 | 177 | 222 | 161 | 146 | 323 | 413 | 434 | 493 | 478 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 143 | 174 | 252 | 313 | |
| Cash & Bank | 6 | 22 | 66 | 58 | 202 | 9 | 62 | 9 | 21 | 23 |
| 124 | 387 | 212 | 217 | 210 | 118 | 117 | 99 | 257 | 468 | |
| Total Assets | 824 | 768 | 674 | 627 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,012 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 57 | 87 | 90 | 195 | 258 | 121 | 177 | 122 | 122 | 117 | |
| Cash from Investing | 5 | 88 | 143 | -5 | -159 | -75 | -12 | -25 | -139 | -110 |
| Cash from Financing | -55 | -169 | -186 | -168 | -96 | -26 | -154 | -103 | 17 | 5 |
| 4 | 2 | 42 | 15 | -24 | -4 | 11 | -6 | -0 | 12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - INOX India Limited has informed the Exchange about Schedule of meet
2026-09-08 - INOX India Limited has informed the Exchange about Schedule of meet
2026-09-03 - INOX India Limited has informed the Exchange regarding Allotment of 158959 Shares under Company's Employees Stock Option Plan.
2026-09-03 - INOX India Limited has informed the Exchange about Schedule of meet
2026-09-03 - INOX India Limited has informed the Exchange about Schedule of meet
2026-08-13 - INOX India Limited has informed the Exchange about Schedule of meet
2026-08-10 - INOX India Limited has informed the Exchange about Transcript
2026-08-04 - INOX India Limited has informed the Exchange about Link of Recording
2026-08-03 - INOX India Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for INOXINDIA
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Inox India Ltd.
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